Following Anglo American shareholders' decision earlier this year against its acquisition strategy, BHP has shifted its attention to alternative development prospects, the company's chairman announced on Wednesday.

After three rejections, the largest miner in the world withdrew its $49 billion offer to buy Anglo in May. The impending expiration of a six-month ban on BHP pursuing a different strategy has sparked rumors that a transaction would once again be being considered. In the wake of this uncertainty, BHP's leadership is keen to reassure investors that new opportunities will be explored vigorously. As the market adjusts to these developments, analysts are keeping a close eye on potential targets that align with BHP's long-term growth objectives.

At BHP's annual meeting, Ken MacKenzie stated that they had approached Anglo American earlier this year. They believed that there was a chance to produce something remarkable and one-of-a-kind—a kind of one plus one equals three situation.

Regretfully, Anglo American stockholders held a different opinion and believed that the strategy their management intended to implement had greater value. They then went on. And to be honest, BHP has, too. BHP hasn’t pivoted its focus entirely; instead, it has been exploring new avenues for growth and innovation within its existing operations. As the market continues to evolve, adaptability will be crucial for maintaining competitiveness and achieving long-term success.

In order to expand their copper assets in South America, MacKenzie cited BHP's C$4.5 billion ($3.25 billion) agreement with Canada-listed Lundin Mining in July to jointly acquire developer Filo Corp.